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Renier Diaz
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Decks in this class (55)
Audit Reports - Clarified SAS
Preparation and fair presentation...,
Internal control design implement...,
Introduction management s respons...
5
cards
Audit Reports - Pre-Clarity
Must conform to gaap consistency ...,
If inconsistent an unqualified op...,
Accounting errors reclassificatio...
36
cards
Audit Sampling
Taking part of a population subje...,
Based on formulas helps find an a...,
Based on human decision equally a...
36
cards
Engagement Planning
To provide users of financial inf...,
Auditors are not responsible for ...,
The earlier the auditor is hired ...
48
cards
Evidence and Risk
Collection of evidence to support...,
Evidence consists of client accou...,
Evidence has an inverse relations...
51
cards
Information Technology
Controls are redundant to another...,
System isn t complex or complicat...,
Maintains database restricts acce...
26
cards
Internal Control
Control risk increases with poor ...,
Auditor will need to perform more...,
Internal control provides reasona...
43
cards
International Auditing
The international auditing and as...,
Iaasb standards are for countries...,
Iaasb standards are based on a ri...
8
cards
Professional Responsibilities
Covers all professional engagemen...,
Integrity objectivity no conflict...,
Safeguards threats independence t...
27
cards
Accounting Changes
Retrospective application prior p...,
A change of principle applied ret...,
A change in accounting principle ...
10
cards
Bonds Debt Restructure
Any bond that matures in installm...,
Any bond that matures on a single...,
A bond not secured by any collate...
23
cards
Consolidations
20 ownership or less accounted fo...,
Ownership 21 to 50 gives signific...,
Ownership of other company is gre...
7
cards
Current Assets & Liabilities
Cash plus other assets that are e...,
A liability expected to be paid w...,
Cash a r trading securities curre...
11
cards
Deferred Taxes
Gaap says to recognize a revenue ...,
Deduction will reduce future inco...,
Income will be taxable in a futur...
8
cards
Derivatives Hedging Translation
At cost when acquired re valued t...,
Recorded on income statement 2,
They are included in other compre...
12
cards
Financial Reporting
To measure income 1,
The fasb codification 2,
Authoritative and non authoritati...
56
cards
Financial Statements
Statement of financial condition ...,
Estimated current value 2,
Presented on statement of financi...
15
cards
Fixed Assets
They are expensed in the period i...,
All expenditures to get the build...,
All expenditures to get the land ...
15
cards
Governmental Accounting
Governmental proprietary fiduciary 1,
Accrual basis current economic re...,
The highest amount allowed for a ...
25
cards
IFRS
The international accounting stan...,
The international financial repor...,
The iasb framework the framework ...
44
cards
Inventory
Purchases net of discounts freigh...,
Fob shipping point puts the inven...,
Fob destination keeps the items i...
23
cards
Investments
At fair value as either current o...,
Included in oci other comprehensi...,
Htm stockholder s equity trading ...
7
cards
Leases
Capitalize at cost asset liabilit...,
Future minimum rental commitments...,
Same as for lessee title bpo or s...
10
cards
NFP Accounting
Statement of financial position s...,
Similar to balance sheet assets l...,
Similar to an income statement or...
21
cards
Partnership Accounting
Calculating the capital balance w...,
The bonus method old partnership ...,
Using the goodwill method new con...
4
cards
Statement of Cash Flows
Cash received from customers inte...,
Cash received sale of pp e sale o...,
Cash received issuance of stock i...
5
cards
Stockholders Equity
Apic for each is allocated by its...,
Apic increases on date subscripti...,
It will be restricted to the exte...
25
cards
Capital Budgeting
Managerial accounting technique u...,
Capital budgeting only uses prese...,
For one payment one time 3
28
cards
Corporate Governance
To monitor management behavior 1,
Oversees the board responsible fo...,
The audit committee appoints and ...
18
cards
Cost Accounting
Cost accounting is a component of...,
Cost accounting external focus ga...,
Prime costs conversion costs 3
36
cards
Economics
When the prices of an item increa...,
When supply changes due to someth...,
Supply increases at each price po...
67
cards
Financial Management
Managing inventory receivables cu...,
Nwc current assets current liabil...,
Shorten the cash conversion cycle 3
41
cards
Financial Planning
Budget targeted for a specific se...,
Budget targeted for the company a...,
Costs independent of the level ac...
19
cards
Information Technology
Operators programmers librarians 1,
Designs or purchases it system re...,
A systems administrator controls ...
70
cards
Performance Measures
Financial customer internal busin...,
To measure performance 2,
Diagrams of strategic cause and e...
28
cards
Risk Management
The risk that a sluggish economy ...,
The risk that an event in the inv...,
The risk that a debtor will be un...
17
cards
Agency Law
Agency law deals with someone s a...,
Both parties must consent to the ...,
Actual authority is what is expre...
13
cards
Bankruptcy
Bankruptcy gives creditors protec...,
Student loans income taxes from p...,
It doesn t because the corporatio...
29
cards
Business Structures
Must have two or more partners mu...,
Yes corporations and other partne...,
Agreement can be very informal ei...
50
cards
Commercial Paper
A promise to pay a specific amoun...,
A commercial paper involving thre...,
A check is a type of draft that i...
20
cards
Contracts
Offer acceptance consideration pr...,
Can be written or oral 2,
Must be accepted by intended part...
18
cards
Dodd Frank
The dodd frank wall street reform...,
Banking institutions maintain hea...,
Limits banking institutions from ...
4
cards
Employment Environment Law
An employer paid tax must file re...,
Paid by employer and employee emp...,
Employees injured on the job get ...
7
cards
Federal Securities Acts
Governs initial public offerings ...,
Banks commercial paper farmers co...,
Issuer can issue 5m of securities...
16
cards
JOBS Act
1 billion 1,
2 years 2,
General solicitation and advertis...
5
cards
Professional Responsibilities
This engagement helps the client ...,
Competence due professional care ...,
Express contract specifies what a...
18
cards
Property Law
Land buildings fixed to the land ...,
Must be in writing signed descrip...,
Must be in writing signed descrip...
9
cards
Sales Law
Only sales of goods are covered u...,
Offer you offer to sell something...,
You offer to sell something at a ...
11
cards
Secured Transactions
Secured interest must be supporte...,
Gets higher priority over others ...,
By filing a financing statement 3
6
cards
Corporate Taxation
Adjusted basis of property transf...,
Transferor s basis gain recognize...,
They both use adjusted basis not ...
46
cards
Estate Trust Taxation
Property transferred while taxpay...,
14 000 per year per spouse to eac...,
If the gift is an annuity use pre...
24
cards
Individual Taxation
Cash basis note this basis is not...,
Msa hsa contributions investment ...,
Investment interest expense in ex...
67
cards
Multi-jurisdictional Tax
Restricts a state s authority to ...,
A state can t collect income tax ...,
Uniform criteria for determining ...
5
cards
Partnership Taxation
False income and expenses flow th...,
Neither gain nor loss is recogniz...,
Initial basis for partnership pro...
32
cards
Property Transactions
Cost of property purchase expense...,
Sold at a gain use donor s basis 2,
Fmv at date of death or alternate...
20
cards
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CPA Exam
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